Safiro, the Montenegrin subsidiary of Cocoon, owns a landmark development site located in the centre of Budva, Montenegro’s south facing bay. The proposed mixed use development encompasses a GBA of 40,000m2 above ground and will be developed into a hotel, spa, shopping centre, apartments and, potentially, a casino. The development will provide a focal point for Budva as one of the most prominent buildings on the seafront. The development will have direct beach access to Budva bay and is located at the very epicentre of the tourist industry. Montenegro has been ranked by the world trade and tourism council as one of the fastest growing tourist hotspots in the world for the next 10 years. Inward investment to Montenegro has been growing year on year and demand for luxury hotels, apartments and retail has outstripped supply. Safiro is in the process of applying for its build permit and it is optimistic about commencing development in 2017.

 

Safiro is currently raising funds via convertible loan notes in order to support the build permit application process. For further information, please contact Susie Harris (susie.harris@cocoonwealth.com, +44 (0) 20 7478 2804).

 

Please see our project website for more information: www.safiromontenegro.com